--- title: "Vaalco Energy | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 91.04 M" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278945086.md" datetime: "2026-03-12T21:10:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278945086.md) - [en](https://longbridge.com/en/news/278945086.md) - [zh-HK](https://longbridge.com/zh-HK/news/278945086.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/278945086.md) | [English](https://longbridge.com/en/news/278945086.md) # Vaalco Energy | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 91.04 M Revenue: As of FY2025 Q4, the actual value is USD 91.04 M, beating the estimate of USD 90.1 M. EPS: As of FY2025 Q4, the actual value is USD -0.56. EBIT: As of FY2025 Q4, the actual value is USD -62.84 M. #### Full Year 2025 Highlights - **Sold Volumes (NRI BOEPD)**: 17,452, exceeding the high end of guidance . - **Production (NRI BOEPD)**: 16,556 . - **Production (WI BOEPD)**: 21,160 . - **Net Loss**: - $41.4 million (- $0.40 per diluted share) . - **Adjusted Net Loss**: - $4.0 million (- $0.04 per diluted share) . - **Adjusted EBITDAX**: $173.4 million . - **Net Cash from Operating Activities**: $212.7 million . - **Year-End 2025 SEC Proved Reserves**: 43.0 million barrels of oil equivalent (MMBOE), including 4 MMBOE of positive revisions, organic additions, and extensions, replacing two-thirds of 2025 production . - **Capital Returned to Shareholders**: $26.5 million through dividends . #### Fourth Quarter 2025 Highlights - **Sold Volumes (NRI BOEPD)**: 18,566, 10% above the high end of guidance . - **Production (NRI BOEPD)**: 16,128 . - **Production (WI BOEPD)**: 20,729 . - **Net Loss**: - $58.6 million (- $0.56 per diluted share) . - **Adjusted Net Loss**: - $2.3 million (- $0.02 per diluted share) . - **Adjusted EBITDAX**: $42.9 million . - **Capital Expenditures**: $100.1 million . #### Quarterly Financial Performance (Q4 2025 vs. Q3 2025 and Q4 2024) - **Net Revenue**: $91,042 thousand in Q4 2025, an increase of 49% compared to $61,007 thousand in Q3 2025, and lower than $121,721 thousand in Q4 2024 . - **Oil Sales (Q4 2025)**: $56,238 thousand from Gabon, $54,842 thousand from Egypt, $2,966 thousand from Canada, and - $0- from Côte d’Ivoire, totaling $114,046 thousand . - **Gas Sales (Q4 2025)**: $648 thousand from Canada, totaling $648 thousand . - **NGL Sales (Q4 2025)**: $1,444 thousand from Canada, totaling $1,444 thousand . - **Production Expense (excluding offshore workovers and stock comp)**: $43.0 million in Q4 2025, up 44% from Q3 2025 ($29.8 million) and up 18% from Q4 2024 ($36.5 million) . - **Production Expense per BOE (excluding offshore workovers and stock comp)**: $25.20 in Q4 2025, compared to $25.23 in Q3 2025 and $19.49 in Q4 2024 . - **Depreciation, Depletion and Amortization (DD&A)**: $30.8 million in Q4 2025, up 50% from Q3 2025 ($20.6 million) and down 17% from Q4 2024 ($37.0 million) . - **General and Administrative (G&A) Expense (excluding stock-based compensation)**: $5.2 million in Q4 2025, down from $7.2 million in Q3 2025 and $7.1 million in Q4 2024 . - **Exploration Expense**: $6.0 million for Q4 2025, compared to $0.4 million for Q3 2025 and minimal in Q4 2024 . - **Total Other Income (Expense), Net**: $1.6 million income for Q4 2025, compared to - $3.4 million expense for Q3 2025 and - $9.7 million expense for Q4 2024 . - **Income Tax Benefit**: - $4.6 million for Q4 2025 . #### Full Year Financial Performance (2025 vs. 2024) - **Net Sales (MBOE)**: 6,370 in 2025, a decrease from 7,262 in 2024 . - **Average Realized Price**: $56.11 per BOE in 2025, a 15% decrease from $65.64 in 2024 . - **Net Loss**: - $41.4 million in 2025, compared to a net income of $58.5 million in 2024, including a - $67.2 million non-cash impairment charge on Canadian assets held for sale in 2025 . - **Total Gross Sales (2025)**: $476,045 thousand, with Gabon at $208,353 thousand, Egypt at $225,957 thousand, Canada at $23,339 thousand, and Côte d’Ivoire at $18,396 thousand . - **Total Net Revenue (2025)**: $359,272 thousand, with Gabon at $181,738 thousand, Egypt at $139,964 thousand, Canada at $19,174 thousand, and Côte d’Ivoire at $18,396 thousand . #### Balance Sheet and Cash Flow - **Unrestricted Cash Balance**: $58.9 million as of December 31, 2025 . - **Working Capital Deficit**: - $59.0 million at December 31, 2025, compared to $56.2 million at December 31, 2024 . - **Adjusted Working Capital Deficit**: - $41.2 million at December 31, 2025, compared to $73.1 million at December 31, 2024 . - **Outstanding Borrowings (2025 RBL Facility)**: $60.0 million as of December 31, 2025 . - **Long-term debt**: $60,000 thousand at December 31, 2025 . - **Net Debt**: $1,100 thousand at December 31, 2025 . - **Free Cash Flow**: - $4,283 thousand for the year ended December 31, 2025 . #### Reserves - **Year-End 2025 SEC Proved Reserves**: 43.0 MMBOE, a 5% decrease from 45.0 MMBOE at December 31, 2024, including 17.5 MMBOE in proved developed reserves and 25.5 MMBOE in proved undeveloped reserves . - **Reserve Replacement Ratio**: 66% in 2025 . - **Standardized Measure of SEC Proved Reserves**: $410.0 million at December 31, 2025, up from $379.4 million at December 31, 2024 . - **2P WI CPR Estimates**: 90.7 MMBOE at year-end 2025, a 6% decrease from 96.1 MMBOE at December 31, 2024 . - **PV-10 of 2P WI CPR Reserves**: $858.8 million at year-end 2025, up 26% from $684.1 million at December 31, 2024 . #### Outlook / Guidance for 2026 VAALCO Energy, Inc. (瓦可能源) plans a 2026 capital budget ranging from $290 million to $360 million, which includes drilling campaigns and the FPSO Refurbishment/Reconnection Project . For the first quarter of 2026, projected capital expenditures are $90 million to $110 million . The company aims to achieve 225% organic production growth by 2030 . ### 相關股票 - [Vaalco Energy (EGY.US)](https://longbridge.com/zh-HK/quote/EGY.US.md) ## 相關資訊與研究 - [Aura Minerals Doubles Proven and Probable Reserves in 2025 Update, Triples Inferred Resources](https://longbridge.com/zh-HK/news/281360300.md) - [Berenberg: Shell 'Well Placed' in Current Commodity Price Environment; Price Target, EPS Estimates Up](https://longbridge.com/zh-HK/news/281509589.md) - [Nanalysis Sets Date for Q4 and Full-Year 2025 Results Call](https://longbridge.com/zh-HK/news/281538578.md) - [A Look At Torex Gold Resources (TSX:TXG) Valuation After Updated Reserves And Los Reyes Addition](https://longbridge.com/zh-HK/news/281131745.md) - [Scinai Immunotherapeutics reports FY results](https://longbridge.com/zh-HK/news/281477360.md)